The Rupee closed weak on Wednesday after U.S. President Donald Trump ?said the interim accord with Iran to end the war was "over," sending oil prices ?soaring and hurting Asian currencies. The currency closed ?at 95.5550 per dollar, down 0.6% on the day. It had touched ?a low of 95.60, its weakest since June 11. The pound rose on Thursday, as the dollar backed off the previous day's highs in line with a modest retreat in the oil price, leaving sterling ?around its highest in four weeks. Sterling was last up 0.1% on the day ?at $1.34. It has risen by over 2% since hitting a seven-month low in late June, in the wake of Labour Prime Minister Keir Starmer announcing he would step down. With the drop in oil since ?the peaks above $120 a barrel back in May, traders believe there is a far lower ?chance of the Bank of England raising interest rates this year than they did previously. Money markets ?show traders believe there will be at least one rate hike this year from the BoE, with the chances of a second currently around 25%. A few weeks ago, as many as three were priced in ?at one point. Sterling has been more volatile than most ?other major currencies this ?week, in part ?due to heightened political uncertainty over who Andy Burnham, the UK's next likely prime minister, may pick as his finance minister. Overnight implied volatility, a ?measure of trader demand for protection against sudden shifts in the ?value of ?the pound, is around 6% , second only to the euro , where overnight implied vol is at 6.5%. The pound has been forging higher across the board over the last few weeks. The euro , which ?on ?Thursday was steady at 0.853 pounds, is around its ?weakest in a year against sterling, while the Japanese yen is close to its lowest in over 18 years . The United States is relying more than ever on international flows into its companies' shares than investments in its debt to fund ?itself, a shift that could make the dollar riskier, Deutsche Bank said ?in a note on Thursday. Oil prices slid by more than 2% on Thursday on worries that inflation and a slowing economy could weigh on ?oil demand even as the growing conflict between the U.S. and Iran limits supply by delaying a full reopening of the Strait of Hormuz. Brent futures fell $1.92, or 2.5%, to $76.10 a barrel at 1:26 p.m. EDT (1726 GMT). U.S. West Texas Intermediate crude fell $1.61, or 2.2%, to $71.91.......